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Research Report

27/08/2020 14:16

{I-bank focus}Credit Suisse lifts Country Garden to HK$11.4

[ET Net News Agency, 27 August 2020] Credit Suisse raised its target price for Country
Garden (CG)(02007) to HK$11.4 from HK$11 on NAV hike and maintained its "neutral" rating.
The research house said CG's 1H core profit fell 10%, mainly due to the revenue decline
of 8%. The gross profit margin moderated to 24.3% (versus 27.2% in 1H 2019). The net
gearing rose to 58% with net investment of Rmb38bn on JVs/associates.
Management guided for contracted sales to grow 10% in 2020 (Rmb608bn) and sees the
potential to achieve 10-20% growth over the next two to three years. Management expects
the booking in 2020 to stay largely flattish. This is below Credit Suisse's expectations.
Credit Suisse trimmed its FY2020 earnings forecsts by 4% to factor in the
slower-than-expected delivery. (KL)

Remark: Real time quote last updated: 30/10/2020 17:59
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